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IASB and SOCPA discuss IFRS adoption in Saudi Arabia

  • IASB (International Accounting Standards Board) (blue) Image
  • Saudi Arabia Image

29 Oct 2012

Representatives of the International Accounting Standards Board (IASB) and the Saudi Organization of Certified Public Accountants (SOCPA) met on 24 October in London to discuss progress towards the adoption of International Financial Reporting Standards (IFRSs) in the Kingdom of Saudi Arabia. The meeting took place adjacent to the IASB’s World Standard-Setters conference held on 25 and 26 October in London.

Currently, all banks and insurance companies listed on the Saudi Stock Exchange must use IFRSs. All other listed companies in the Kingdom of Saudi Arabia, as well as unlisted companies, must follow accounting standards generally accepted in the Kingdom of Saudi Arabia as issued by the SOCPA.

Both parties expressed satisfaction with the discussion. The IASB was "extremely pleased to note the progress Saudi Arabia is making towards the adoption of IFRS" and the SOCPA called the support expressed by the IASB members "very encouraging".

Please click for IASB press release (link to IASB website).

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